TAG discovers light oil in the Taranaki Basin offshore New Zealand

Source: TAG Oil

Canadian listed TAG Oil Ltd. (TSX-V:TAO) reported that the Cheal-B4ST well is a multi-zone light oil discovery. The Cheal-B4ST well is located in TAG Oil's 100%-controlled Petroleum Mining Permit 38156 (PMP 38156), in the Taranaki Basin, North Island New Zealand. 

Cheal-B4ST was drilled to a total depth of 1,810 meters (5,937 feet), encountering 17 meters (55.7 feet) of net oil-bearing sandstones within the Urenui and Mt. Messenger Formations. Electric logs indicate four separate zones are likely to be oil-charged with excellent porosity and permeability. 

TAG reports that two of the four zones intersected are oil-bearing zones never before encountered in wells within PMP 38156, further demonstrating that the entire 7500-acre PMP 38156 area is oil-prone, with multiple shallow horizons prospective for discovery. 

TAG will now complete the Cheal-B4ST well in preparation for flow testing in coming weeks. 

The Cheal-B4ST well is the first in a series of high-impact exploration wells to be drilled in TAG Oil's onshore Taranaki Basin acreage.



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